Tag: CBN

‘Nigeria’s medical tourism spending falls 96%’ – CBN

Aminu Imam
CBN on medical tourism

…As local healthcare capacity deepens Nigeria’s long-standing reliance on overseas medical treatment appears to be rapidly reversing, as new data from the Central Bank of Nigeria (CBN) shows a dramatic collapse in spending on medical tourism, signalling a major shift in healthcare utilisation toward domestic facilities. According to CBN figures covering January to June 2025, Nigeria’s medical tourism spending plunged by 96.2% year-on-year, falling from $2.38 million in the first half of 2024 to just $0.09 million in the corresponding period of 2025. The sharp contraction, amounting to a $2.29…

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CBN directs PoS providers to link NIBSS, UPSL in 30 days

Aminu Imam
CBN PoS providers2

The Central Bank of Nigeria, (CBN) has mandated all acquirers, processors, payment terminal service aggregators and providers to establish dual connectivity with the Nigeria Inter-Bank Settlement System (NIBSS) and Unified Payment Services Limited (UPSL) within one month.  The new directive aims to eliminate persistent Point of Sale (PoS) transaction failures. The directive, contained in circular signed by the CBN’s Director of Payments system Supervision department, Rakiya Yusuf, builds on a September 2024 policy to end reliance on single routing channels that have plagued the nation’s cashless payments ecosystem. Under the…

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Nigeria’s External Reserves hit historic peak above $45bn in 6yrs

Aminu Imam
External Reserves peak

Nigeria’s external reserves hit a six-year high, rising above $45 billion mark, in a historical move. Latest data released by the Central Bank of Nigeria, (CBN),  showed that such a peak was last recorded on July 23, 2019, when they stood at $45.04 billion. The external buffers now stand at $45.04 billion, after climbing to $42.03 billion on September 19, 2025. This means the nation has added nearly $5 billion to its reserves within a short period. The rise in the country’s external reserves is not a one-off spike but…

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CBN grants final licences to 82 BDCs

Aminu Imam
CBN on BDCs

The Central Bank of Nigeria, (CBN), has granted final licenses to 82 Bureaux-De-Change (BDCs) to operate, with effect from December 27. A statement issued in Abuja yesterday by the CBN’s acting director, corporate communications department, Mrs. Hakama Sidi-Ali, stated that the exercise was in line with its powers conferred under the Bank and Other Financial Institutions Act (BOFIA) 2020. According to Mrs. Sidi-Ali, it is also in line with the Regulatory and Supervisory Guidelines for BDC Operations in Nigeria 2024. “By this notice, only BDCs listed on the Bank’s website…

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“Account for ₦3tr or face legal action”, SERAP tells CBN

Aminu Imam
SERAP tells CBN

The Socio-Economic Rights and Accountability Project, (SERAP), has given the governor of the Central Bank of Nigeria, (CBN), Olayemi Cardoso, a seven-day ultimatum to account for what it described as “missing or diverted ₦3 trillion of public funds” cited in the 2022 annual report of the Auditor-General of the Federation. SERAP said the allegations, published on September 9, 2025, point to major breaches of financial regulations and constitutional provisions. It urged Cardoso to identify individuals responsible for the alleged diversions and hand them over to the ICPC and EFCC, as…

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CBN reduces lending rate to 27%, 1st time in 5 years

Aminu Imam
CBN reduces rate

The Central Bank of Nigeria (CBN)’s Monetary Policy Committee has reduced the interest rate by 50 basis points, from 27.5% in July to 27 percent.   This followed the decision of the 12 members of the Committee at its 302nd meeting held on September 22nd and 23rd, 2025. The asymmetric corridor around the Monetary Policy Rate (MPR) was retained at +260 and -250 basis points, providing a framework for liquidity management and signaling the CBN’s cautious approach toward market volatility.  CBN Governor, Olayemi Cardoso, who briefed journalists after the meeting, said…

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NEF condemns CBN appointments, warns against marginalization of North in National Governance

Aminu Imam
NEF condemns

During a policy meeting in Kaduna, the Northern Elders Forum, (NEF), has pointed to the latest appointments at the Central Bank of Nigeria (CBN) as a troubling example of growing imbalance. Out of 15 new Directors recently appointed by the CBN, only four are from Northern Nigeria. ‎The NEF described this as clear evidence of regional exclusion in key national institutions. It said such patterns are not random but reflect deliberate choices that may deepen national divisions. ‎The NEF also raised alarm about the recent relocation of several CBN departments…

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SERAP sues CBN over alleged failure to disclose LG allocations

Aminu Imam
SERAP sues CBN

The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against the Central Bank of Nigeria, (CBN), “over the failure to disclose the details of any direct payments to the 774 local government councils in Nigeria, including the amounts sent to each council”. SERAP’s Deputy Director, Kolawole Oluwadare, who disclosed this in a statement yesterday, said the group’s suit followed a landmark judgment by the Supreme Court last July, which held that allocations from the Federation Account with the CBN must be paid directly to democratically elected local government…

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CBN retains 27.50% interest rate again

Aminu Imam
CBN retains

The Monetary Policy Committee (MPC) of the Central Bank of Nigeria, (CBN), has retained the Monetary Policy Rate at 27.5%, marking its second consecutive hold in 2025. This decision was announced by the CBN governor, Olayemi Cardoso, during a press briefing yesterday in Abuja, following the conclusion of the MPC’s 300th meeting. This second pause in rates comes after six consecutive hikes recorded in 2024. Cardoso said, “The Committee was unanimous in its decision to hold policy and thus decided as follows: Retain the MPR at 27.50 percent”, adding that…

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Outrage in CBN, as Cardoso’s female consultants override directors, earn millions

Aminu Imam
Outrage in CBN

Senior staff members at the Central Bank of Nigeria, (CBN), are expressing outrage over the immense power wielded by female consultants arbitrarily hired by its governor, Olayemi Cardoso. The consultants, identified as Nkiru Balonwu and Daphne Dafinone, reportedly issue directives to departmental directors and earn exorbitant salaries, far exceeding those of senior executives. Sources within the bank allege that Ms. Balonwu takes home a staggering ₦50 million per month, while Ms. Dafinone earns ₦35 million, surpassing the combined salaries of multiple directors. The consultants’ roles remain undefined, yet they have…

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